Oportun Financial Corporation (NASDAQ: OPRT) has been gaining ever since it went public. The company went public on the 26th of September at an offer price of $15. Since then it has gained significantly and on Friday, it closed the day at $21.19.
The company’s recent momentum comes against a background of strong Q3 results. The company announced that in Q3, it had total revenues of $153.9 million. This represents an increase of 20% as compared to a similar quarter in the last financial year. The company stated that, the increase in revenues was driven by loan originations that grew by 19% in the quarter to hit $543.5 million.
The company also reported that, its managed principle balance in the end of the period increased by more than 25% year-over-year to hit $2 billion. On top of that, Fair Value Pro Forma total revenue grew by 22% to hit $153.6 million, as compared to a similar period a year ago.
However, the company reported a decline in FVPF adjusted EBITDA from $21.8 million to $18.6 million compared to a similar quarter last year. It attributed this to investments in new products that hit a total of $3.7 million. It also attributed this to extra expenses related to an expansion of the tech team as it prepared for the IPO.
According to the CEO, Raul Vazquez, the company delivered a strong quarter in its first time reporting as a public company. He added that, the company was in a strong position to deliver on its strategic goals, and mission of affordable financial services.
In Friday’s session, the stock was trading between $19.03 and $21.31 and closed the day at $21.19. Volumes in the day stood at 42k.
About Oportun Financial Corporation
Oportun Financial Corporation is a provider of affordable services. The company’s services are based on a data-based understanding of the customers. It serves customers across 12 States in the U.S.